The Internet of Things (IoT) is a concept used to describe the connection of people with machines and machines with machines. This allows physical objects such as machines to connect to others with the help of internet. This concept has in the last few years reached a scale that was hitherto unimaginable. According to industry estimates, the ratio of connected devices and world’s population is 1.5:1. IoT requires a secure and robust network infrastructure. As more and more devices are connected, generation and analysis of data provides new intelligence that is fed back into systems to increase efficiency and improve business models. Extensive competitive and strategy analysis is covered in this report. Companies profiled Alcatel-Lucent S.A., AT&T Inc., Cisco Systems Inc., Huawei Technologies Co, Ltd, NXP Semiconductors nv, International Business Machine Corporation (IBM), Google, Inc, Intel Corporation, Qualcomm Incorporated, Gemalto nv among others. The report forecast market growth and trends via applications, technologies and geographies from 2014 -2021.Most devices such as mobile phones, televisions, music players, vehicles, etc have Wi-Fi and have over the years led users form the habit of being connected all the time. The latest to join this bandwagon are the wearable devices. The numerous apps that are now available use this data and convert it into usable information almost immediately enabling users to take data driven actions. According to estimates, the number of connected devices is expected to go up to nearly 30 billion in a few years from now. The economic benefits to be garnered from IoT are estimated to be worth over $2 trillion in the next five years. An average smart home, for instance, may possess 50 to 100 connected appliances, lights, thermostats, and other devices. Given the growth seen in this market, companies and countries are planning to invest heavily in IoT. Some of the challenges that are likely to affect the industry include data management, communication standards, analytics requirements, and technology responses. Other systems such as operational analytics and supply chain are not yet ready to deal with the information and data that IoT can bring.. The biggest technology challenge will be the integration of everything different aspects such as big data, cloud, billions of devices, and the network.